On Tuesday a businessman has escaped an accused allegation of multi-million pound property scam in Turkey by being declared bankrupt at Belfast High Court. Mr Kevin O'Kane denies 171 charges over the alleged holiday home scam. After a judge lifted a ban on him selling his assets, the 51 year old, has agreed to pay a creditor by selling one of his properties and he is to give a fuel company £50,000 with a further £10,000 ring-fenced for investors who are suing him.
According to bbc in uk and media repots - Mr Kevin O’Kane had up to 80 people from Northern Ireland take proceedings against him with over millions of pounds paid out in deals for property at the Golden Beach holiday resort on the Aegean Coast.
In September an injunction was placed on him preventing Mr O'Kane from disposing of any assets and was put in place as part of the proceeding brought by the 80 property investors from Northern Ireland that claimed that they have been cheated and they are suing Mr O'Kane over millions of pounds paid out in property deals.
He has denies any wrongdoing and claims that he himself is also a victim of a scam. Lavish lifestyle A petition for bankruptcy against him, trading as O'Kane Fuels, was brought by Nicholls' (Fuel Oils) Ltd over a £126,000 debt. In a bid to resolve that it was suggested that he be allowed to sell off a house at Rosemount Gardens, Belfast, with much of the proceeds being handed to the creditor.
Although the solicitor representing some of the holiday home investors opposed the proposal amid fears it would reduce the funds available to them should they win their action.
At one stage it was suggested in court that Mr O'Kane was leading "a lavish, Mercedes lifestyle", although the allegations were strenuously denied by his barrister who pointed out that no evidence was produced to back them up.
Mr O'Kane's solicitor commented that his client had been in business for more than 20 years, currently employs five people and was seeking permission for a plan that would pay off a trade debt.
Ruling on the request to vary the injunction Mr Justice Deeny said he was satisfied that claims of significant sums of Mr O'Kane's money were "going astray" had not been proven."It seems to me that the firm, although fragile, is still trading in a way that is supporting its employees and meetings its debts as they fall due," the judge said.
He also added there would be no prejudice to the property investors provided terms were included to ease their concerns about having to wait until after the criminal proceedings are completed.
"I'm minded to grant the variation, provided that £10,000 is put in a joint deposit receipt to help secure costs to the plaintiffs in the event of them succeeding in their action ultimately," he added.
"It will be ring-fenced for that purpose." Striking out the bankruptcy petition, the judge said that £50,000 from the house sale should go to Nicholls', who are also to receive another £500 a month towards the debt. Any cash left over once the mortgage and legal fees are paid will also go towards the protected pot.
However not to forget for many years this has been going on and no result, British Justice System even lets abused kids stay with abuser for many months before they take action like Cafcass so maybe property owners might wait another 2 years to get a good result because of justice system works very slow and not much can be done however send your emails to your local MP or who ever might help..
